Econ 101 and data (reply to David Henderson)
4 hours ago
The reality is that historically significant financial crises are caused by the collapse of historically significant asset bubbles, and asset bubbles have occurred throughout history under many economic systems. You don’t need huge bonuses for investment bankers, stock options for managements, Ayn Rand devotees at the central bank, weak-kneed rating agencies, and so on. We know this because Japan's Godzilla-sized 1980s bubble lacked all these features...It is both frustrating and thrilling to see someone else hammer out a fundamental truth one could sense but could never find the words to describe.
Report: NKorea may fire missile toward HawaiiWhich leads to this:
By HYUNG-JIN KIM – SEOUL, South Korea — North Korea may fire a long-range ballistic missile toward Hawaii in early July, a Japanese news report said Thursday, as Russia and China urged the regime to return to international disarmament talks on its rogue nuclear program.
The missile, believed to be a Taepodong-2 with a range of up to 4,000 miles (6,500 kilometers), would be launched from North Korea's Dongchang-ni site on the northwestern coast, said the Yomiuri daily, Japan's top-selling newspaper. It cited an analysis by the Japanese Defense Ministry and intelligence gathered by U.S. reconnaissance satellites.
The missile launch could come between July 4 and 8, the paper said.
While the newspaper speculated the Taepodong-2 could fly over Japan and toward Hawaii, it said the missile would not be able to hit Hawaii's main islands, which are about 4,500 miles (7,200 kilometers) from the Korean peninsula...
Will North Korea Fire a Missile Toward Hawaii?Which, of course, leads to this:
by Noriko Namiki - North Korea may be preparing to launch a long-range ballistic missile, possibly in the direction of Hawaii, a Japanese newspaper said Thursday, citing an analysis by the Japanese Defense Ministry.
The conclusion was reached after analyzing North Korea's recent activities and looking at intelligence gathered by U.S reconnaissance satellites, according to the The Yomiuri Shinbun, one of Japan's major dailies...
US prepares for N.Korea missile launch on Hawaii
Agence France Presse
By Dan De Luce – WASHINGTON — The US military has moved additional defenses to Hawaii in case North Korea launches a missile towards the Pacific island chain, Defense Secretary Robert Gates has said.
"We do have some concerns if they were to launch a missile ... in the direction of Hawaii," Gates told a news conference on Thursday...
U.S. Fortifies Hawaii’s Defenses Against North Korean Arms
The New York Times
By THOM SHANKER - Published: June 18, 2009 -WASHINGTON — Defense Secretary Robert M. Gates announced Thursday that he had ordered the military to deploy missile interceptors and radar to protect Hawaii from a North Korean long-range rocket...
Gates: U.S. ready against N. Korea strike
WASHINGTON (CNN) -- Defense Secretary Robert Gates said the United States could defend itself in the event of a North Korean missile launch toward Hawaii, and that U.S. officials were monitoring the situation carefully.
According to Japanese media Thursday, North Koreans are preparing to make such a launch.
With missile interceptors and radar equipment in the region, "we are in a good position should it become necessary to protect the American territory," Gates said...
"As the only country to have suffered a nuclear bombing, and in aiming for the elimination of the world's nuclear weapons, our country has spearheaded the submission of resolutions calling for 'Nuclear disarmament for ultimate abolition of the nuclear weapons' to the United Nations General Assembly since 1994. We feel we have an obligation to continue presssing forward with this action.
However, in this post-Cold War present, the threat posed by the dissemination and proliferation of not just nuclear weapons but missiles capable of bearing nuclear warheads, nucleonic materials and nuclear technologies has grown steadily higher. In order to break out of this situation, the President Obama of the United States declared the decision to pursue a 'World without nuclear weapons' on April 5 last. Moreover, United Nations Security Council has shown a posture of obdurate rejection of the nuclear tests of the Democratic Republic of North Korea in UN Security Council Resolution 1874, et al.
We must take advantage of this situation and should work together with the nuclear weapons states and the non-nuclear weapons states to ensure an effective inspections regime to grapple with the reduction and non-proliferation of nuclear weapons. Moreover, the government should seize this opportunity to fulfill a leadership role at Nuclear Non-Proliferation Treaty (NPT) review conference in 2010 and appeal to the international community, starting with the nuclear weapons states, to quickly bring into force the Comprehensive Nuclear Test Ban Treaty (CTBT) as well as implementation of the Fissile Material Cut-Off Treaty, and by other acts work to further strengthen its efforts toward the non-proliferation, reduction and total elimination of nuclear weapons.
It is so resolved."
Prosecutors Raid Japan Welfare Ministry - KyodoNow if you are a prosecutor, you do not put a Director-General on ice unless you really have the goods on him. That the Him in this case is a Her, a pioneer (only the fourth woman to reach director status in the Ministry's history) an expert in the issues affecting working women (she offered testimony in Diet committee session only a week ago) and a tough-minded straight arrow long reputed to be on the fast track for Vice Minister status, then you have better have Amaterasu-damned well have your charges and evidence all lined up in the proper order.
TOKYO -- Prosecutors searched Japan's welfare ministry Monday, a day after a senior ministry official was arrested for her alleged involvement in abusing a mail discount system for the handicapped, Kyodo News reported.
The special investigation squad of the Osaka District Public Prosecutors Office entered the ministry to search the office of Atsuko Muraki, 53, director general of the ministry's Equal Employment, Children and Families Bureau. Her house in Wako, Saitama Prefecture, was also searched earlier in the day.
She was arrested on suspicion of issuing a fabricated certificate to recognize an organization as a group for the handicapped, thus enabling it to use the mail discount system.
And the first animal is jettisoned!
Legs furiously pumping
Their stiff green gallop
And heads bob up
In mute nostril agony
And sealed over!- Jim Morrison, "Horse Latitudes"
Hatoyama Quits Aso's Cabinet Over Japan Post StruggleI would give Hatoyama Kunio a milligram's worth of credit for showing some spine, just this once, in resisting the reappointment of Nishikawa -- who did little to earn a renewed mandate (Do you mean by this that he did nothing to earn reappointment? - Editor). I really would give Hatoyama a smidgeon of my respect -- I honestly would -- if he were not the total waste of a Diet seat that he is.
By Takashi Hirokawa -- Japanese Prime Minister Taro Aso lost the third cabinet member of his administration ahead of elections that he must call within the next three months.
Kunio Hatoyama resigned as internal affairs minister after Aso declined to endorse his recommendation to fire the head of Japan Post Holdings Co., which runs the country’s post offices and is the world’s largest holder of cash deposits. Tsutomu Sato, head of the country’s National Public Safety Commission, will replace Hatoyama, Chief Cabinet Secretary Takeo Kawamura said.
"I decided to leave as the right thing is not being done," Hatoyama, 60, told reporters today in Tokyo.
Hatoyama sought to block the re-appointment of Yoshifumi Nishikawa as head of Japan Post after he tried to sell its resort operations to a company whose chairman was involved in the government plan to privatize the postal system. The internal affairs ministry is in charge of overseeing Japan Post’s transition from a government-owned entity.
"I have insisted that as long as there is a situation where Class A War War Criminals are enshrined there, there is no reason to pay one's respects there."
「天皇陛下が参拝できるような靖国神社にしたい」...which alludes to the unofficial ban, self-imposed by the Showa Emperor, on imperial visits to Yasukuni following the 1979 revelation of the secret enshrinement ceremony.
"I want to make Yasukuni Shrine into a place where the Emperor can pay his respects"
“The GM Bankruptcy Part 2: In the Restructuring Plan, the Shadow of Protectionism” *
"Japan Airlines to Receive Up to 100 Billion Yen in Financing from the Development Bank of Japan and Others Before This Month Is Out” **